Business ownership definitely requires a “go for it” attitude. Learning to give things a go can be one of the biggest self-development steps you can take on your business owner’s journey. In fact, if you don’t make mistakes along the way I would be extremely surprised. Here are some of the mistakes I’ve seen new business start up’s make:
Mistake One – overestimating your anticipated income levels. Don’t beat yourself up over this one. It’s not necessarily that you have somehow failed. It is more likely that you were over confident in your initial projections.
Mistake Two – spending too much money. Yes you may need to spend money to get your business started but for every penny you spend now don’t forget you need to earn that back before you will have made any profit. Spend wisely and try to make do at the beginning until you really know what you need.
Mistake Three – not following your gut instinct. Often in business your gut instinct, your intuition if you will, is really worth listening to. It’s no good saying further down the line I had a feeling that wasn’t right, or that supplier was leading me on, or that customer was going to be a pain.
Mistake Four – not knowing who your customers are. You may think you know who your customers are likely to be but do you really know who holds the purse strings and who is likely to make the final decision. You can spend hours talking to a hot lead only to find out they don’t have a budget to buy your services or products. If you are selling children’s toys are the children making the buying decision or is granny?
Mistake five – not being you. Don’t try to be something you’re not. Overselling or underselling you and your business can be fatal. Business is about building up a loyal customer base and this is built around trust. It’s ok to be you, don’t feel the need to put on a front and make out you are bigger than you are. It’s good to be you, that’s what people want to see.
Consider some of the mistakes you may have already made and reflect on them. Are they really so bad, or just misguided decisions based on lack of experience, or excitement at finally getting your business started. Meeting up with and speaking to other business owners can really help you see that we all make mistakes in business, and learning from them and moving on is key to your business success find out this here.